Equity MFs sell shares worth Rs 2,800 crore in September

Fund managers chose to book profits to honour high redemption requests

India's equity fund managers took a "U" turn in terms of their investments in September. Contrary to their 'buy' call in the previous month, they sold shares worth Rs 2,800 crore in September - the largest selloff in last four months.

The month saw volatile sessions with key benchmark indices scaling up over 2,000 points only to fall over a thousand points in a matter of few trading sessions.

The unexpected rally in the month till Fed's announcements and then sudden decline post RBI's googly of raising interest rates made fund managers jittery and they opted to book profits so that high redemption requests could be honored.

Such large selling, throughout the month, was diametrically opposite to what fund managers did in August. In August, equity fund managers bought shares worth Rs 1,607 crore - not seen in several years.